Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Natural gas in the US recently was $9/MMBtu (about triple from a year ago) but is multiple times more expensive than that in Europe and Asia. In June, Freeport LNG plant in TX had an explosion and suddenly the US prices collapsed to $6+ (still doubl…
Fund Allocations (Cumulative), 5/31/22
While high market volatility continued, there were very minor changes in fund allocations, so fund investors stayed put. The changes from the last month are for a total OEFs & ETFs AUM of about $30.24 tril…
That is precisely what the crack-spreads are telling us - I posted on it in the Oil thread,
https://www.mutualfundobserver.com/discuss/discussion/comment/150168/#Comment_150168
The series funds differ in the timing of hedging implementation via options,
https://am.jpmorgan.com/us/en/asset-management/adv/funds/hedged-equity-fund-series/
What @larryB, @sma3 and I are seeing from SWVXX click within Schwab a/c is the following screenshot. It clearly says 0.60% as 7-day yield and that is WRONG, it is the distribution yield as seen in the following table of monthly distributions annuali…
@larryB, sloppy updates. I just checked in my account,
SNVXX 7-day yield 0.45% as of 4/7/22,
SWVXX 7-day yield 0.60% as of 6/27/22.
These data are either stale or wrong.
Schwab website is showing 1.07% and 1.19%, respectively. https://www.schwab.…
M-mkt ERs are quite different:
Vanguard VMFXX 0.11% (core/settlement)
Schwab SNVXX 0.35% (no core/settlement m-mkt funds at Schwab)
Fidelity SPAXX 0.42% (core/settlement) (Fido also has policy of sequentially tapping other better Fido m-mkt funds…
Portfolio Visualizer is a great site. Each PV run (linkable) provides an in-depth analysis of 3-4 portfolios or tickers (1 fund portfolios).
But PV is also trying to monetize. Basic/free signup that allowed storing portfolios was eliminated a whil…
@AndyJ, yep, all those OLD pages are now gone. See this long running M* thread,
https://community.morningstar.com/s/question/0D53o00005E8h5tCAB/m-charts-for-oefs-etfs-cefs-stocks-old-style
I am not familiar with MFO coding and the URL format change may be trivial or very tedious. My guess is former as there are already so many other changes that the MFO site has to handle -names/tickers, fund family changes, new fund launches, old fun…
Not sure where this comment belongs. If I click on a fund symbol in a discussion, an array of names of providers such as Yahoo, Smart Money, Barron’s etc. appears. The M* link, just today, takes me to the « not supported » language previously cited.…
Sorry for a naive question. I never bought Treasury bonds, and I missed this auction. Does it make sense to buy the same TIPS now at Fidelity without auction, or their price will be significantly higher?
Next 5-yr TIPS auction will be on 10/20/22.
…
A missing piece is the rate environment and here is a chart from FRED for 10-yr Treasury yields since 1/2/1962. The P/Es are related to interest rates but there is no precise formula.
https://fred.stlouisfed.org/graph/?g=QUFr
See %Loss, %Recovery chart & table here,
https://ybbpersonalfinance.proboards.com/thread/296/loss-recovery
If recession is not imminent (in 2022) but in 2023/24, it is possible that there may be a good relief rally with selloff resuming afterwa…
I can also confirm that old M* Chart pages are gone now - they generate message, "The report is no longer supported". It was good while it lasted (for 2-3 years).
5-yr, 0.125% coupon TIPS auction today, 6/23/22, was at real YTM of +0.362%. In the secondary market, the real yield yesterday, 6/22/22, was +0.48%.
https://www.treasurydirect.gov/instit/annceresult/press/preanre/2022/R_20220623_3.pdf
There is basic ESG info at the link below. Calvert/Eaton Vance/Morgan Stanley is a huge ESG firm and most firms now have ESG funds. A couple of better known ESG funds are Parnassus/AMG PRBLX and CREF Social Choice (Balanced) VA QCSCIX. The SEC is in…
When volume is so low, you can literally see your trade go by on CNBC ticker display. One has to be very careful and must use limit orders. A market buy or sell order of even 1,000 can lead to bad fill.
https://finance.yahoo.com/quote/TOTR/history?p…
Here is the link for past Treasury auctions - click on the TIPS tab. Results of Thursday morning TIPS auction should be posted on Thursday afternoon.
https://www.treasurydirect.gov/instit/annceresult/annceresult.htm
Those are for TIPS purchases in the secondary market with bid-ask (you sell at bid, buy at ask). Coupons were fixed when the TIPS were issued, and real YTM shown is based on quoted price.
Treasury auctions work a bit differently. Most Treasury auc…
@Sven, 5-yr TIPS coupon was specified as 0.125% in the auction announcement that I posted earlier (reposted below). So, my guess is that purchase price would be slightly below par to bump the real rate in the neighborhood of 0.54%.
https://www.treas…
@msf, the new M* Investor Quote pages (by using the Search-quote window or by clicks on individual holdings of Portfolios ) have Interactive Charts with date windows just as before. Check the chart I posted on TOTR thread.
https://investor.morningst…
5-yr real rate is 0.54% now. What matters to buyers is its value on the auction day (Th). The CPI trend is up.
https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_real_yield_curve&field_tdr_da…
Brokers' use of float is real and it is big money for them in the aggregate. I have pointed out that some apparently "free" broker services (CD and Treasury purchases) are not really "free". Whether one chooses to ignore it is another matter. BTW, S…
@Derf, current Barron's (see Part 2 elsewhere) is favorable on several publicly listed asset managers. JHG and SCHW didn't make the list; SCHW is more a combo broker-dealer-asset-manager. Fido and Vanguard are private.
BULLISH. Asset manager stock…
TOTR is a newer ( < 1 yr) active core-plus bond ETF from Price. Gold-Q rating is computer generated; normal M* ratings are after 3 yrs.
Competition includes Pimco BOND, Fido FBND, DoubleLine TOTL, etc (all active core-plus ETFs).
See this chart for ARKK and short SARK with 2-yr view (change if defaults to 1-yr). Note that ARKK continued with another down-leg after SARK started in November 2021. So, start of SARK didn't lead to bottoming of ARKK.
So, start of short Bitcoin-f…
Well, Schwab (and Fido) are also docking us (the buyers) for the float when the money is taken from the account several days before the settlement/issue date. That is what @Derf was concerned about his CD purchase. That also concerns me for commissi…
@Derf. This is similar to Schwab (and Fido) using float when one buys Treasuries.
For your CD, Schwab is using that float + fees it charges the bank to list the CD. So, it is a combo - not either/or. If you call Schwab, it may justify taking your …
CD rates quoted by Fido, Schwab, etc are net of any platform fees that offering banks have to pay. Buyers are not charged any additional fees. Brokers are not required to disclose their internal fee info.
Buyers should be aware (and check) the FDIC…
These 3rd party brokerage platforms (Fido, Schwab, etc) charge 0.25-0.50% fee for the CDs to be listed on their platforms. They don't do this as public service. So, many of these brokered CDs are from less-known and even financially shaky banks; sev…
@hank, may be edit the Subject to fix the ticker. Thanks.
BTW, bid-ask displayed over the weekends (or, when the markets are not open) are stub/fake quotes, not real at all.
There were rumors on Twitter that Europeans were putting pressure on Ukraine to reach some negotiated settlement and energy got hit - XLE fell by 17-18% in a WEEK. But some pointed out that if these rumors were true, the rest of the market (i.e. non…
While the fwd P/E for small-cap (SC) R2000 has dropped dramatically, R2000 has many unprofitable companies (30-40% ?). Looking at more selective SP MC 400 and SP SC 600, those fwd P/Es have also dropped dramatically. See these charts by Yardeni via …
I compared PREMX and PRELX to ETFs EMB and LEMB. Shown are 1-yr charts - Price funds held up better in 2021 but are doing worse YTD. Things have been difficult and bad for almost everything. Last week even energy and utilities got taken out and shot…
